UPDATE 1-Signet Jewelers names board member Drosos as CEO

July 17 (Reuters) - Signet Jewelers Ltd, owner of
the Kay and Jared brands, said on Monday it named Virginia
Drosos chief executive officer, succeeding 35-year company
veteran Mark Light who will retire due to health reasons.

Signet has been struggling with declining revenue over the
past four quarters as demand for its jewelry has softened. The
company's stock has lost more than a third of its value in the
past 12 months.

Drosos' appointment comes months after the company's unit
Sterling jewelers was sued by hundreds of former employees
alleging routine sexual harassment at the company.

"(Drosos) ... possesses a strong financial background,
having managed multibillion dollar P&Ls through phases of high
growth, while delivering cost reductions and operational
efficiencies," Chairman Todd Stitzer said in a statement.

She has over 29 years of executive leadership experience in
the beauty and consumer goods industries and served as a group
president at Procter & Gamble Co, Signet said.

Drosos, who has served as an independent director on
Signet's board since 2012, will take the helm on Aug.
1.

(Reporting by Ankit Ajmera in Bengaluru; Editing by Sriraj
Kalluvila and Sayantani Ghosh)